§ 38. Notwithstanding any other provision of law, the board of
estimate or other analogous local authority of any such city is
authorized to issue evidences of indebtedness to be known as budget
notes in an aggregate amount not to exceed nineteen million dollars, for
the purpose of providing funds for the payment of any deficit of
revenues derived from operation of any railroad owned and operated by
such city, arising out of any adjustments in the salaries or
compensation of officers and employees of any such railroad during the
fiscal year ending on the thirtieth day of June, nineteen hundred
forty-seven. Such budget notes shall be redeemed in three equal
installments from appropriations to be included in the annual expense
budgets of such city for the fiscal years nineteen hundred
forty-seven--nineteen hundred forty-eight, nineteen hundred
forty-eight--nineteen hundred forty-nine and nineteen hundred
forty-nine--nineteen hundred fifty.